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The tax rate will rise to 21.17 percent from April 1, increasing the price by Rs 2 to Rs 91.02
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The sales tax hike includes 33 categories of goods covering 860 tariff lines, high-end mobile phones, imported food, decoration items, and other luxury goods, a newspaper reported.
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Excise duty on petrol increased two-fold from Rs 9.48 a litre in April 2014 before Narendra Modi took charge, to Rs 32.90 a litre now. Similarly, on diesel, it has gone up almost eight fold from Rs 3.56 a litre in April 2014 to Rs 31.8 a litre now
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In a written reply, the minister said that some traders are missing and the dues with the GST department (sales tax) stood at Rs 2,860.18 crore.
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The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited‘s (IOC) Paradip refinery. Speaking to CNBC-TV18, Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration.
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The stock has seen weak movements in the past 15 days, having fallen over 3 percent. In the past three days, it has seen a fall of over 2 percent.
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However, in subsequent years, the annual growth in this tax collection saw a marginal rise. The professional tax collected in 2014-15 went up by Rs 20 crore to Rs 2,166 crore.
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The GST Council, set up to oversee the tax, agreed on a more steeply progressive structure for goods than earlier foreseen with rates of 5, 12, 18 and 28 percent, depending on the kind of product involved. The top rate, Jaitley said, would apply to the kind of goods bought by middle-class Indians.
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While curfew was imposed in all the 10 districts of the Valley, 55 incidents of clashes were reported during the day between angry mobs and security forces in which several protesters and police personnel were injured.
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Tourist and other business activities in Kashmir have come to a halt for the past 49 days after protests erupted in Kashmir following the killing of Hizbul Mujahideen commander Burhan Wani in an encounter with security forces in south Kashmir's Anantnag district on July 8.
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A fundamental shift from the current indirect tax system to the GST regime should have a positive impact on pricing of the product, subject to the decision of GST rate of the products.
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Indian jewellers went on an indefinite strike since the start of March in protest over the reintroduction of a sales tax on gold jewellery after four years. They started opening shops from last week.
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The Directorate General of Human Resource Development (DGHRD) has been directed to "initiate the exercise of formulating a proposal" for administrative restructuring of the formations under CBEC in the "ensuing GST regime", the CBEC said in a communication to its top officials
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The proposed goods and services tax (GST), India's biggest revenue shake-up since independence in 1947, seeks to replace a slew of federal and state levies, transforming the nation of 1.2 billion people into a customs union
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GAIL Chairman and Managing Director B C Tripathi said besides Badarpur power plant in Delhi, the nearby Dadri station too needs to be shut.
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The sales tax demand relates to the royalty amount collected by the company on the use of 'TATA' brand name by its subscribing firms.
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This issues dates back to 1998, when Tata Sons entered into an agreement with group companies to allow these companies to use the trademark logo.
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According to CRISIL Research, the rollout of goods & services tax (GST) is expected to reduce logistics costs of companies producing non-bulk goods by as much as 20%.
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Presently, the government does not levy any import or customs duty on crude oil imports. On the other hand, domestically produced crude oil attracts two per cent central sales tax, something which imported oil is exempted from.
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This is the fifth straight reduction in rates of non-subsidised or market priced LPG, which the customers buy after exhausting their quota of 12 cylinders at subsidised rates, since August.
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Gross domestic product (GDP) fell at an annualised 1.6 percent pace in July-September, after it plunged 7.3 percent in the second quarter following a rise in the national sales tax, which clobbered consumer spending.
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Policymakers held fire on expanding the bank's vast stimulus programme following a two-day policy meeting, although they flagged housing and factory output as weak spots, along with shaky demand for Japanese exports.
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Abe, who implemented radical economic policies - dubbed Abenomics - to revive the world`s third-biggest economy, said on Tuesday the country`s sales tax would rise to 8 percent from 5 next year as planned.
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The expansion was smaller than a downwardly revised 3.8 percent increase in the first quarter, when the launch of Prime Minister Shinzo Abe's stimulus policies drove up share prices and led to exceptionally strong personal consumption
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Petrol price was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against US dollar made imports costlier.
